56% of the top 50 universities offer blockchain courses. View in browser

“If you can find an asset that has a 235% eight-year-compound annual growth rate and basically zero correlation with anything else, you should own some.” ~  Dan Morehead, CEO of Pantera Capital

Market State

The cryptocurrency market has experienced a major drop last week. The total market capitalization was down from $270 billion to as low as $244 billion. Currently the market is around $265 billion. Bitcoin dropped below $10000 level during the week and it is now back above $10000, sitting around $10380 at the moment. Bitcoin dominance is now over 70%. Pretty much all altcoins have dropped significantly compared to last week. Ether and Bitcoin Cash dropped by 5% to $178 and $296. The crypto market is still doing good compared to the beginning of the year. We have started off the year with Bitcoin price around $3000 and now it is above $10000. Compared to the last few months many crypto enthusiasts are enjoyed the discounted price of Bitcoin last week and stacked more of it. 

Several crypto related books have been announced last week. One of them is called “The Little Bitcoin Book” written by group of crypto thought leaders. The book tells about how Bitcoin is important and impact our financial sovereignty in a simple way. Also best-selling author Andreas Antonopoulos, a renowned cryptocurrency expert announced his new book called “Mastering Lightning Network”. The book is coming out next year in the last quarter of 2020.

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Quiz of the week

What is a cryptocurrency tumbler?

  1. A cloud based contract
  2. A service that hides the origin of coins
  3. A computer protocol

Scroll down to see the answer at the end of the newsletter.

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Top stories of the week
Crypto Trading and Payments are VAT Free in Portugal

Portuguese Tax Authority (PTA) has announced that both cryptocurrency trading and payments in crypto are exempt from VAT (Value Added Tax) in the country. There is also no income tax on crypto earnings  in the country according to the authority (provided that the sale is not performed in the context of a business activity). In a recent tax clarification provided to a local cryptocurrency mining company and published in a local newspaper as well, the tax agency clarified that the exchange of crypto for fiat money is free of VAT and that crypto users do not have to pay any income tax. 

In the official statement, the Portuguese tax authority cited a 2015 ruling by the European Court of Justice regarding the case involving major Swedish Bitcoin (BTC) portal Bitcoin.se and its moderator David Hedqvist. As reported at the time, the court ordered that Bitcoin is a means of payment and that the exchange should therefore be exempted VAT obligations. (However, the Swedish Tax Agency subsequently argued against the ruling, claiming that the court did not fully understand the matter.)

The PTA has already deliberated on income taxation of the sale and purchase of cryptocurrencies in a previous tax ruling in 2015. According to this ruling, the Portuguese personal income taxation regime did not apply to the income derived from the sale of cryptocurrency, as no income category covers cryptocurrency gains, provided that the sale is not performed in the context of a business activity. Thus, there was no legal basis in Portugal for income taxation of cryptocurrency gains in those circumstances. However, as opposed to consumption taxation, income taxation is not harmonized at the European Union level. Consequently, the views adopted by the PTA regarding income taxation and cryptocurrencies have primarily only a domestic impact, but at the same time this decision might cause talented people to move from countries that try to ban cryptocurrencies to Portugal.

Chinese Central Bank Gets Ready to Launch Its Digital Currency

China’s central bank is in the final stages of developing its own digital currency. A report by Forbes revealed that the digital currency will be issued first to seven major institutions in the country which will then distribute it to 1.3 billion Chinese citizens and businesses in the coming months. These seven institutions include the four largest banks in the world by their assets, customers, deposits and loans which are all happen to be Chinese banks. The list also includes two of China’s largest financial technology companies Alibaba and Tencent. The last institution is Union Pay which is the world’s largest credit and debit card issuer. The digital currency will be 1:1 backed by fiat reserves and will be transferable without the need for a bank account. It is also designed to handle as many as 300 000 transactions per second.

56% of The Top 50 Universities Offer Blockchain Courses

A new research by cryptocurrency trading platform Coinbase shows that 56% of the top 50 universities in the world offer at least one or more classes on cryptocurrency or blockchain technologies. These top universities have seen increasing demands for blockchain education from students. Blockchain and cryptocurrency related course offerings are up from 42% of the top 50 universities in 2018. The research found that out of the 735 students Coinbase surveyed, 34% expressed an interest in taking a blockchain related courses. Compared to 2018, twice as many students have taken crypto or blockchain courses. Two thirds of the students describe the current financial system as “unstable,” “inefficient,” “unequal,” or “slow-moving”. Overall, the distrust in the current financial system is feeding an increasing curiosity around crypto industry.

Craig Wright Loses Case and Ordered to Pay 500000 BTC

raig Wright, Australian businessman and Bitcoin SV proponent who publicly claimed that he is Satoshi Nakomoto, the creator of Bitcoin, has been sued for half the Bitcoin holdings by the family of his late business partner. Craig and Dave Kleiman have entered into a 50:50 venture in mining more than one million Bitcoin. Kleiman family filed a lawsuit against Craig for stealing his partners Bitcoins as well as his intellectual property rights of various blockchain technologies. Craig Wright has lost his case against Kleiman and the court ordered him to pay the Kleiman family over 500000 Bitcoin which is worth approximately $10 billion, as well as any legal fees incurred. Craig claimed that he would comply with the order but the Bitcoin is inaccessible due both to his former business partner’s death as well as a complicated encryption mechanism.

Tweet of the week
Meme of the week
Quiz answer

What is a cryptocurrency tumbler?

The correct answer is “B”.

Thank you for reading :) 

Have a great day!



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